I am a California resident going through a divorce. Should be about 4 more weeks for it to be finalized. Can I start applying for FHA loans?

Asked by Jess_plus3, 77061 Mon Apr 16, 2012

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7
Kathleen Mil…, , Houston, TX
Mon Apr 16, 2012
You could start the process but should not close until the divorce is final. If you do, she will have an interest in the property. Let me know if I can help!
Kathleen
1 vote
John Conklin…, , Scottsdale, AZ
Thu Apr 19, 2012
Starting the process now would be a good idea that way if there are any credit issues you can start working on them now rather than later. Also it is a good idea to make sure your income is inline for your particular price range. Any community property debt needs to be address and noted properly in the divorce degree, so if any changes need to be made now would be the time to do it. Hope that helps.
0 votes
Irina Karan, Agent, Aventura, FL
Thu Apr 19, 2012
You can start looking for a property, and applying for a loan - but your approval will be conditional upon providing final divorce papers (with all details - financial details will be checked out by the bank).
In other words, if after approval you provide the papers and all checks out, the bank will give you their "clear to close". If not, and you are behind on your commitment date (as per contract), you might loose your escrow deposit...

So start going but make sure not to finalize anything as of yet...

Best of luck,

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Apr 16, 2012
Sure you can you would need to hold off in submitting a sales offer till divorce is final .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes
Jane Lindsey, Agent, Houston, TX
Mon Apr 16, 2012
Yes, but it if you find a property you want before it's final, it would be prudent I make it contingent on the divorce being final before closing.
Web Reference:  http://lot22.net
0 votes
Kathleen Mil…, , Houston, TX
Mon Apr 16, 2012
Jess, If you do not currently have a realtor, I would be glad to help you find your new home.
Kathleen
0 votes
, ,
Mon Apr 16, 2012
Yes.

We are in a community property state and are concerned with spousal debt on loan applications. HOWEVER, we have the ability to simulate things.... like the divorce being completed.
So while you can apply now, and get pre-approved now, the approval is just subject to the completion of the divorce.

No problem.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
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